Imagination Technologies Group plc (LSE: IMG, "Imagination") has completed the acquisition of the operating business and certain patent properties of MIPS Technologies, Inc. (Nasdaq: MIPS, "MIPS") as well as license rights to all of the remaining patent properties.

MIPS is a leading provider of CPU (central processing unit) architectures and IP cores.

The cash consideration of US$100 million was paid on completion, financed from Imagination's existing cash resources and a new acquisition facility. At the MIPS Stockholder Meeting held on 6 February 2013, MIPS stockholders voted by the requisite majority on all proposals to enable the acquisition to complete.

Imagination has now commenced implementation of its detailed integration programme. Further details on this will be provided in the Interim Management Statement in March.

Hossein Yassaie, Group Chief Executive, Imagination, said: "We are delighted to have completed this acquisition, which has been welcomed by both companies' customers and the electronics industry at large, and also to welcome our MIPS colleagues to the Imagination family. The combination of MIPS' capabilities with our existing Meta CPU technologies will accelerate our growth in the substantial CPU IP market across many segments."

The DIGITIMES editorial staff was not involved in the creation or production of any sponsored content or press release provided in the commercial news wire service.
Companies looking to contribute commercial news or press releases are welcome to contact us.

Feel free to write a comment. All comments will be screened before posting. Please avoid writing profanities, personal insults and spam. Comments that require too much editing are unlikely to be posted.